Bajaj Corp extends rally on Temasek stake buy

The stock rallied 15% in past one week as compared to 0.30% rise in the benchmark S&P BSE Sensex.

Shares of Bajaj Corp has rallied 5% to Rs 351, extending its past four day gain, in otherwise subdued market on BSE. The stock opened at Rs 330 and touched a high of Rs 354, also its record high on the BSE.

The stock of personal products maker has rallied 15% in past one week from Rs 304 on November 25, after Singapore's sovereign wealth fund Temasek acquired stake in the company through open market. The benchmark S&P BSE Sensex gained 0.30% during the same period.

On November 25, SKB Roop Commercial LLP, the promoter group company, had sold 12 million shares representing 8.13% stake of Bajaj Corp at price of Rs 270 per share, the BSE bulk deal data shows. This brings down the promoter holding in Bajaj Corp from 75% to 67%.

Baytree Investments Mauritius Private Limited purchased 11.93 million shares for a little over Rs 320 crore, data shows.

Baytree Investments is a subsidiary of Singapore headquartered Temasek, which has 12 affiliates and offices in Asia and Latin America.

Meanwhile, on November 28, Bajaj Corp said that its board approved to increase the aggregate investment limit of Foreign Institutional Investors (FIIs) from 24% to 49% of the paid-up equity capital.